Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31falsetrue2022-01-01No description of principal activity01trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07002029 2022-01-01 2022-12-31 07002029 2021-01-01 2021-12-31 07002029 2022-12-31 07002029 2021-12-31 07002029 c:Director1 2022-01-01 2022-12-31 07002029 d:PlantMachinery 2022-01-01 2022-12-31 07002029 d:PlantMachinery 2022-12-31 07002029 d:PlantMachinery 2021-12-31 07002029 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07002029 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 07002029 d:MotorVehicles 2022-01-01 2022-12-31 07002029 d:MotorVehicles 2022-12-31 07002029 d:MotorVehicles 2021-12-31 07002029 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07002029 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 07002029 d:FurnitureFittings 2022-01-01 2022-12-31 07002029 d:FurnitureFittings 2022-12-31 07002029 d:FurnitureFittings 2021-12-31 07002029 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07002029 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 07002029 d:OfficeEquipment 2022-01-01 2022-12-31 07002029 d:OfficeEquipment 2022-12-31 07002029 d:OfficeEquipment 2021-12-31 07002029 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07002029 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 07002029 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07002029 d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 07002029 d:CurrentFinancialInstruments 2022-12-31 07002029 d:CurrentFinancialInstruments 2021-12-31 07002029 d:Non-currentFinancialInstruments 2022-12-31 07002029 d:Non-currentFinancialInstruments 2021-12-31 07002029 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07002029 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07002029 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07002029 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 07002029 d:ShareCapital 2022-12-31 07002029 d:ShareCapital 2021-12-31 07002029 d:RetainedEarningsAccumulatedLosses 2022-12-31 07002029 d:RetainedEarningsAccumulatedLosses 2021-12-31 07002029 c:FRS102 2022-01-01 2022-12-31 07002029 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 07002029 c:FullAccounts 2022-01-01 2022-12-31 07002029 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07002029 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 07002029 d:HirePurchaseContracts d:WithinOneYear 2021-12-31 07002029 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 07002029 d:HirePurchaseContracts d:BetweenOneFiveYears 2021-12-31 07002029 2 2022-01-01 2022-12-31 07002029 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 07002029 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-12-31 07002029 d:LeasedAssetsHeldAsLessee 2022-12-31 07002029 d:LeasedAssetsHeldAsLessee 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 07002029









MATT UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
MATT UK LIMITED
REGISTERED NUMBER: 07002029

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
As restated
2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
37,812
61,702

  
37,812
61,702

Current assets
  

Debtors: amounts falling due within one year
 5 
920,924
351,081

Cash at bank and in hand
 6 
30,685
193,823

  
951,609
544,904

Creditors: amounts falling due within one year
 7 
(1,604,457)
(852,982)

Net current liabilities
  
 
 
(652,848)
 
 
(308,078)

Total assets less current liabilities
  
(615,036)
(246,376)

Creditors: amounts falling due after more than one year
 8 
(11,743)
(25,488)

  

Net liabilities
  
(626,779)
(271,864)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(626,879)
(271,964)

  
(626,779)
(271,864)


Page 1

 
MATT UK LIMITED
REGISTERED NUMBER: 07002029
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 February 2024.




P F Connolly
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Matt UK Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 07002029. The address of the registered office is C/o Htl, Deptford Recycling Centre Landmann Way, Deptford, London, SE14 5RS. The nature of the company's operations and principal activity is that of recovery of sorted materials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has incurred a loss for the year of £354,915 and has net liabilities at the year end of (£626,779). The company relies on financial support from related companies to meet its financial obligations. The director has no reason to believe that this support will not continue for the foreseeable future and on this basis the accounts have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognised upon the receipt and acceptance of waste products from customers.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 6

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.12
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 1).

Page 7

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2022
87,855
55,000
70,612
4,837
218,304



At 31 December 2022

87,855
55,000
70,612
4,837
218,304



Depreciation


At 1 January 2022
86,811
3,438
62,067
4,286
156,602


Charge for the year on owned assets
1,044
-
8,545
551
10,140


Charge for the year on financed assets
-
13,750
-
-
13,750



At 31 December 2022

87,855
17,188
70,612
4,837
180,492



Net book value



At 31 December 2022
-
37,812
-
-
37,812



At 31 December 2021
1,044
51,562
8,545
551
61,702

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Motor vehicles
37,812
51,562

37,812
51,562

Page 8

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£


Trade debtors
648,344
95,541

Other debtors
272,580
255,540

920,924
351,081



6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
30,685
193,823

30,685
193,823



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
740,291
658,527

Corporation tax
137
137

Obligations under finance lease and hire purchase contracts
14,627
14,333

Other creditors
843,662
50,245

Accruals and deferred income
5,740
129,740

1,604,457
852,982


Page 9

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Net obligations under finance leases and hire purchase contracts
11,743
25,488

11,743
25,488


The following liabilities were secured:

2022
2021
£
£



Net obligations under finance leases and hire purchase contracts
26,370
39,821

26,370
39,821

Details of security provided:

The hire purchase balance is secured against the asset for which it was used to acquire. 


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
14,627
14,333

Between 1-5 years
11,743
25,488

26,370
39,821


10.


Prior year adjustment

The prior year adjustment relates to the under provision of disposal services incurred in 2021 of £125,000. The impact of the prior year adjustment is that the loss of the year ended 31 December 2021 is £125,000 greater than previously stated and the net liability on the balance sheet is £125,000 greater than previous stated. 

Page 10

 
MATT UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £nil (2021 - £318). Contributions totaling £nil (2021 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


12.


Transactions with directors

During the year the company advanced a loan to the director. At the year-end the amount outstanding was £10,000 (2021: £nil). No interest was charged on this loan. 

 
Page 11